Commercial Property
A Freehold commercial shop investment property with residential duplex apartment above both let and situated in the High Street of Kings Heath main shopping area.
A large retail shop currently selling telephones/accessories and clothes with rear storage area, kitchen, WC and office/store room. We have been advised that the retail premises on the ground floor extend to some 1,200 sq. ft. or thereabouts.
Accessed via the fire escape to the rear of the property, Flat 31a:- Hall, Living Room, Bathroom, Kitchen and second Bathroom.
Landing, Two Bedrooms (one with Ensuite Bathroom).
A gated side access to a rear garden.
The flat has the benefit of UPVC double glazing.
The first and second floors may offer the opportunity to utilise the accommodation as a HMO and therefore increased the current rental income. It may also be possible to extend the accommodation subject to obtaining the necessary planning permissions.
We understand that the property is Freehold and being sold subject to the existing tenancies.
Ground Floor Shop
The shop is let on a monthly letting agreement from the 2nd September 2016 at £2,166.66 per calendar month - £26,000 per annum. (It is understood that the existing tenant may wish to take out a long term formal Lease).
First Floor Flat
The flat is let on Assured Shorthold Tenancy for 6 months from the 17th July 2017 at a monthly rental of £700 per calendar month - £8,400 per annum.
Total Rental Income: £34,400 per annum
Strictly by arrangement with the Auctioneers.
Freehold. Subject to tenancy.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
